BUSINESS AND FINANCE

LIRS gives 31st March deadline to clear outstanding tax payments

The Lagos State Internal revenue Service, LIRS, has announced that taxpayers in Lagos State have up to 31st of March, 2021 to clear up outstanding tax owed to the state government.

This was disclosed by Mr Seyi Alade, Director, Legal Services, LIRS, in an interview on Monday in Lagos. He also disclosed that the services launched the “Ibile” tax scheme to get more taxpayers under its tax net.

What LIRS is saying

“Section 41 of Personal Income Tax Act (PITA), provides that, a taxable person shall, without notice or demand, to file a return of their income in the prescribed form and containing the prescribed information with the tax authority of their State of residence.

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“This return shall contain income earned from all sources in the year preceding the year of assessment and it must be filed not later than March 31 of every year.

“This return is expected to be filed by all individuals including those who are self-employed and submit their tax returns by way of direct assessments as well as those who are in paid employments under the Pay-As-You- Earn (PAYE) scheme.”

Alade went further to call on Lagos residents to endeavour to pay up their taxes as the government works tirelessly to provide a conducive environment for businesses to thrive in the state.

“I am using this medium to encourage everyone that is yet to file to quickly do so before the deadline date because failure to file is a punishable offence,” he added.

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